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USDJPY : Will the Pair be Able to Reach 111?

USDJPY : Hourly Chart

USDJPY is again some strength after declining from the resistance at 109.31 and breaking below the rising support trend line on the hourly chart. Now seems like the previous rising support trend line is now acting as resistance trend line. There is one more support trend line now supporting the pair. If the pair breaks above the current rising resistance trend line, bullish trend will again come into picture and we might see the pair breaking above the resistance at 109.31. However if it continues to consolidate within the rising wedge we might again see a pull back of the pair from the resistance at 109.31.

USDJPY : 4 Hour Chart

On the 4 hour chart, the pair is consolidating within an ascending triangle trend according to which the pair should break out from the resistance at 109.31. 50 day SMA should also prevent the pair in declining below it.

USDJPY : Daily Chart

On the daily chart, we can see that the pair is supported so even if it declines the rising support trend line on the chart will push the pair towards the key resistance.

So overall the trend continues to be bullish and the pair should target for next resistance level at 111.